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The world’s biggest tobacco company has snapped-up a UK electronic cigarette company as it warned of lower profits from its core business.

Philip Morris International, the owner of Marlboro outside of the US, has acquired the Nicolites brand in a deal that accelerates its entry into an e-cigarette market increasingly dominated by Big Tobacco.

Japan Tobacco bought E-Lites, another leading UK e-cigarette brand, a fortnight ago, following similar deals by Imperial Tobacco and British American Tobacco.

E-cigarettes have grown in popularity in recent years having been pioneered by start-up companies selling Chinese devices over the internet.